Possible Diamond Reversal Part 2
This is an update of the "Possible Diamond Reversal" idea.
This is clearly a fractal diamond regression.
The same setup occurred recently on Bitcoin.
I added the 100 Day Moving Average as this seems to coincide where I placed the lower bounding trendline which I extrapolated from the secondary trend.
This trendline goes back to the March 2020 recovery.
Most significantly we have almost every important feature of a very large diamond reversal taking place and, most importantly, a bear flag appears to be forming which could validate the third peak and the associated downmove.
Watch carefully here. This could be invalidated as Fractal 1 and Fractal 2 were. However, the bear flag type form is particularly interesting here and if that form concludes this could bring the broader large diamond form to a successful conclusion where the previous 2 failed.
This is clearly a fractal diamond regression.
The same setup occurred recently on Bitcoin.
I added the 100 Day Moving Average as this seems to coincide where I placed the lower bounding trendline which I extrapolated from the secondary trend.
This trendline goes back to the March 2020 recovery.
Most significantly we have almost every important feature of a very large diamond reversal taking place and, most importantly, a bear flag appears to be forming which could validate the third peak and the associated downmove.
Watch carefully here. This could be invalidated as Fractal 1 and Fractal 2 were. However, the bear flag type form is particularly interesting here and if that form concludes this could bring the broader large diamond form to a successful conclusion where the previous 2 failed.
